@the esk
Spot on. There is no defense to the question raised re capital.
There is also no defense to taking loan after loan out without using these loans to increase the value of assets (not the players), namely non current assts such as stadia, training ground. There is also no defense without looking at improving the cash flow coming into the business without taking loans out, namely commercial operations.
Put simply, I dont think anyone would care about these loans if they were being used to move the club on; instead we just tred water. Its like constantly remortgaging and never paying the damn thing off.
We need more income in; the board are failing in this.
We need to move or upgrade stadium; the board are failing in this.
We need to reduce debt; the board are failing in this.
In summary, the board are failing. Watched Toffee is doing a superb job in highlighting these shortcomings to a number of individuals.